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we still have a huge deficit. if we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all saw it coming, why did congress wait so long to do something about it? why do toys for tots and hasbro trust duracell to power their donated toys? duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. duracell with duralock. trusted everywhere. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. >>> we are
we still have a huge deficit. if we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all saw...
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this time bomb that the congress created was designed to deal with deficit and the debt. we won't get that right now. but we might get a plan to deal with taxes, to avoid the fiscal cliff, that's a win for the economy and the american people. >> john, it is joe johns in washington, d.c. we have heard so much about tax increases and how they're going to handle those and not so much about the spending cuts and my question to you is at the end of the day, are we going to end up essentially with some type of a plan that could add to the federal deficit instead of reduce it? >> you noticed that, huh? sequester hasn't really been the topic of much conversation. look, that is still unclear right now. obviously, again, the point of all of this, the reason that over 500 days ago we set the fiscal cliff with regard to the spending cuts and knew the bush tax cuts were expiring ten years ago on this date, that was an impetus to create bargain to deal with deficit and debt. what seems to be coming together now is largely, as you said, a planned focused on taxes. not just the tough tax
this time bomb that the congress created was designed to deal with deficit and the debt. we won't get that right now. but we might get a plan to deal with taxes, to avoid the fiscal cliff, that's a win for the economy and the american people. >> john, it is joe johns in washington, d.c. we have heard so much about tax increases and how they're going to handle those and not so much about the spending cuts and my question to you is at the end of the day, are we going to end up essentially...
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if they hadn't acted, you might see deficit reduction, but not in a way a lot of taxpayers would like. it will be interesting to see what happens in the coming months. a lot of talk about entitlement reform, about making the tax code a little different than it is now. so i think we'll have to see that in the coming year. >> astute observations, we'll watch it closely. i appreciate it. kristina the kick the can tringing game is not over. we'll have to say that many, many times over the next two months. >> i want to bring down some of the deal for you, reset the stage. we'll telling you about the dairy cliff. in addition to dealing with the fiscal cliff, it would extend federal farm policies through september, which means milk prices won't double and it nixes a set pay raise for members of congress. the white house scored an agreement to raise taxes on larger estates from 35% to 40%, but republicans said it should be adjusted annually for inflation, it would go 7.5% for individuals, and they would pay higher tax rates on investment profits and capital gains rising to 20%, and less than
if they hadn't acted, you might see deficit reduction, but not in a way a lot of taxpayers would like. it will be interesting to see what happens in the coming months. a lot of talk about entitlement reform, about making the tax code a little different than it is now. so i think we'll have to see that in the coming year. >> astute observations, we'll watch it closely. i appreciate it. kristina the kick the can tringing game is not over. we'll have to say that many, many times over the...
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we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is still with us. i always have to make sure my viewers understand i am not advocating for tax increases on the rich. i want to explain what could happen. i want to bring in jean za
we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most...
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it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans that might be an avenue of success? >> there -- those conversations and discussions continue. and we remain hopeful that that will get a breakthrough. on veryiously, what had happened here between the two leaders in the senate had broken down because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. so hopefully, the discussions between the vice president and senator mcconnell will get us back on track, hopefully get a breakthrough and something we can vote on, hopefully today or tomorrow that will avert what we believe will be an economic di
it ought to be about reducing the deficit and the debt and what they are essentially suggesting is we want new taxes, we want higher taxes on people in this country to pay for new spending. >> senator, senator mcconnell has spoken a couple times with the vpz. we have seen in the past that the two of them have been able to come up with bipartisan deals to get through congress on taxes and other things. did he give you an indication in the meeting you just had with rank and file republicans...
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these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hybrid. >>> the biggest issue is tax increases. many republicans s
these tax increases for the rich or not, as you know, you've said, we still have a trillion-dollar deficit. we have a lot of work to do. >> we do. all i ask is that we get the work done. steven moore, always a pleasure. thank you. we'll talk to you a lot in 2013. >>> up next, the great tax debate that steven was just talking act. does raising tax on the wealthy really hurt the economy? i'll give you an answer. s. but you're progressive, and they're them. yes. but they're here....
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we still have deficits that have to be dealt with. we still have to think about how we put our economy on a long-term trajectory of growth. how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody is talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. and keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start. so there are some programs scheduled to be cut that we're using an ax instead of a scalpel. may not always be the smartest cuts. and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, those a
we still have deficits that have to be dealt with. we still have to think about how we put our economy on a long-term trajectory of growth. how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody is talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into...
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debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep raising the debt limit to allow that kind of mechanism to continue so even though we can print our own currency which reduces the risk of a credit default, if congress refuses to raise the debt limit that could force default and increase problems for us. >> your book is called "bull by the horns" and do you think this is our government taking the bull by the horns this deal? >> no. i wish i could say it really is kicking the can down the road when it. they did make some decisions, permanent inflation indexing of the amt which is good, that's been going on for a long time. we've got permanent extens
debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep...
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we're doing things to embrace the deficit and the debt. slowly but we're doing it. >> the problem not having a budget really is fundamentally a problem. the government does all sorts of things, passes all sorts of resolutions whether you like this country or don't like that one, but the basic constitutional responsibility of the government is actually to have a budget. and a budget is the manifestation of your priorities generally speaking. that's the one thing that would just be great if we actually did. >> here we are where we're trying to sit down with our budgets and figure out what our priorities for the year, how are we going to live a little bit below our means so we can grow wealth and our government can't figure out a budget. >> i'd like it if they did that. >> my advice is deal with your own financials. >> good luck with that. one down, one to go. will the house go along with the fiscal cliff deal hammered out by the white house and the senate earlier this morning? we're going to have a live report from washington just ahead. >>
we're doing things to embrace the deficit and the debt. slowly but we're doing it. >> the problem not having a budget really is fundamentally a problem. the government does all sorts of things, passes all sorts of resolutions whether you like this country or don't like that one, but the basic constitutional responsibility of the government is actually to have a budget. and a budget is the manifestation of your priorities generally speaking. that's the one thing that would just be great if...
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separately is how do we bring down our deficit? do we attack social security entitlements, medicare, medicaid and that's this ideological struggle we're seeing between democrats and republicans that will continue in a series of skirmishes probably over the debt ceiling come february and ongoing until they finally have it out and resolve this for the long term. >> i think the white house's view in political terms is that how he handles himself on this sets the terms of engagement for those subsequent fights. again, a few weeks ago, when i was talking to people at the white house about how they were going to strategize this, they said look, this is a re-set moment and we've got to re-set sort of the balance of power from the 2011 talks. >> i think it's worth emphasizing on the numbers you mentioned the public overwhelming supports raises faxes on the wealthy but on the spending cuts they oppose cutting those programs in large numbers. when you get specific about that, don't cut that, don't cut that. >> hands off medicare. >> the pres
separately is how do we bring down our deficit? do we attack social security entitlements, medicare, medicaid and that's this ideological struggle we're seeing between democrats and republicans that will continue in a series of skirmishes probably over the debt ceiling come february and ongoing until they finally have it out and resolve this for the long term. >> i think the white house's view in political terms is that how he handles himself on this sets the terms of engagement for those...
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and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there is a difference in terms of what we think the rates should be for -- and at what point there should be a tax cut and at what point there should be a little revenue that we should collect. there is a difference there. there was a difference about whether or not we should be looking at the social security issue in this discussion. my understanding now the republicans have backed off now, correct, and we are looking at whether or not we are going to end up with deficit and debt reduction and whether or not the changes the republicans are insisting upon are going to comes on the backs of the middle class. >>
and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there...
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it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a problem making a deal because spending has been our problem. but if they go towards deficit reduction, which ultimately will be debt relief, that will be a good thing, and we probably will have a deal. >> senator, let's talk about the process very quickly. we are told the senate will come back into session at 11:00 this morning. that somehow reflects on the fact that seems to be a late start to the working day, but there's work being done right now. tell me what that work is. >> you know, any time you're putting a deal together, it's always the details
it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a...
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health care, the biggest add to our deficit in this country is rising health care costs. do we need to tangle those? how do they interact with the changes that are going to be set up across the country. is it going to cost the taxpayer more or less? all those have to be in the realm of realistic facts and figures. >> you're in arizona today. many of your constituents worked over the holidays. do you think congress should have stayed in washington to work for an agreement? >> absolutely. absolutely. once you know, once the boehner plan "b" collapsed, all we got was a notification, you can go home. we'll call you when we're ready. boehner's got to get off -- the majority of the majority must agree to something. it's going to take democratic votes to pass a tough fiscal compromise and unless there is inclusion and discussion on both sides of the aisle about this issue, that compromise gets tougher and tougher. >> thank you for coming "outfront." >> appreciate it. thank you. >> now, on the other side of the aisle. republican congressman of wisconsin. congressman, you just hea
health care, the biggest add to our deficit in this country is rising health care costs. do we need to tangle those? how do they interact with the changes that are going to be set up across the country. is it going to cost the taxpayer more or less? all those have to be in the realm of realistic facts and figures. >> you're in arizona today. many of your constituents worked over the holidays. do you think congress should have stayed in washington to work for an agreement? >>...
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the bad news i don't think we'll have meaningful deficit reduction and this is going to keep dragging on and on. >> you advocate for raising the capital gains tax which could make main street owe a lot more money than it does now. that is being discussed as part of a fiscal cliff deal but money believe that will hurt the economy and giving a disincentive to invest money. is that just focused on the real wealthy? >> i hear that argument a lot. number one, i'm really tired of our tax policy decisions and everything being made by what the market is going to do in the next quarter. look, this is an aberration and the tax code and grossly unfair. you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at th
the bad news i don't think we'll have meaningful deficit reduction and this is going to keep dragging on and on. >> you advocate for raising the capital gains tax which could make main street owe a lot more money than it does now. that is being discussed as part of a fiscal cliff deal but money believe that will hurt the economy and giving a disincentive to invest money. is that just focused on the real wealthy? >> i hear that argument a lot. number one, i'm really tired of our tax...
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that's really the centerpiece of our deficit and debt challenge. but in the short term that is over the next year or two, i don't think we ought to be tackling the budget deficit. we have huge unemployment, a lot of underutilized capacity in this country. it's exactly the wrong time to embrace austerity economics. ali, if i can just make one more point. that is one thing that really worries me about this current agreement as it is being structured is it doesn't deal with the debt ceiling. there is no agreement on the debt ceiling, which means you're going to have beginning next week or even sooner, republicans and democrats engaged in the same sort of trench warfare we've had for years over raising the dents. and that debt ceiling. without an agreement, we're back to square zero. >> we agree on that point. great to see you both. thanks for staying up with us and happy new year to both of you. hope we don't have to talk again tonight. >> one of the main stumbling blocks in the fiscal cliff negotiations was that no-tax pledge most republicans signed
that's really the centerpiece of our deficit and debt challenge. but in the short term that is over the next year or two, i don't think we ought to be tackling the budget deficit. we have huge unemployment, a lot of underutilized capacity in this country. it's exactly the wrong time to embrace austerity economics. ali, if i can just make one more point. that is one thing that really worries me about this current agreement as it is being structured is it doesn't deal with the debt ceiling. there...
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you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was terrible. it was hard to watch, but some of the analysis afterwards really exposed some deficiencies in the democratic machine. >> for the republicans, it was arguably the best moment of the whole year for their candidate. >> i don't think his campaign really kicked into high gear until that first debate when he started to get some momentum. >> unfortunately for romney -- ♪ here i am >> it was also the best wake-up call for president obama who came alive in the next two encounters. >> we have to reduce our deficit but we have to do it in a balanced way. >> worst n
you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was...
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had to be a paydown on $24 billion of the deficit. we'll have two months to argue out the debt ceiling and the sequester. that was a bright line the president laid out to vice president biden and the staff, said that had to be in the deal, or no deal. >> might be too early, too soon, any read out, any sense of how the meeting's gone between the vice president and the house democrats or we're still working on that? >> reporter: i am not getting any -- any read-out yet because i think it's ongoing. but i will tell you that there is -- even going into it -- a sense of optimism here. the staffers who were working well past 2:00 a.m. last night still have not booked their vacation -- well, they have not left on vacation but i think they're approaching the point where they might feel comfortable booking their vacation travel for a few days. you get the sense they think this is going to wrap up. >> strange how we get our information. we have to look at people's travel and vacation plans. but, yes, it could give us an inkling we're getting cl
had to be a paydown on $24 billion of the deficit. we'll have two months to argue out the debt ceiling and the sequester. that was a bright line the president laid out to vice president biden and the staff, said that had to be in the deal, or no deal. >> might be too early, too soon, any read out, any sense of how the meeting's gone between the vice president and the house democrats or we're still working on that? >> reporter: i am not getting any -- any read-out yet because i think...
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they know that we've got to make a down payment on deficit reduction. they know that we've got to protect the middle class and we've got to focus on -- let's -- what i haven't heard about in a couple of days are, our needs get back to the number one issues. creating jobs and getting this economy turned around. this is one of the first things that we have to do so we can move on aggressively towards that. >> bottom line, house republicans are meeting right now. they've just started a second meeting of the day. what do you anticipate will happen tonight? >> you know, i said earlier today, predicting what this group of republican and the house members will do is it certainly a challenge. i know that if -- from working with them as many years as i have, i know there are enough responsible republicans that there would be enough democrats and republicans that would pass that bill and send it to the president so we can prevent 98% of americans from having their tacks increased and we could get a handle on the deficit reduction problem. >> you think there's a d
they know that we've got to make a down payment on deficit reduction. they know that we've got to protect the middle class and we've got to focus on -- let's -- what i haven't heard about in a couple of days are, our needs get back to the number one issues. creating jobs and getting this economy turned around. this is one of the first things that we have to do so we can move on aggressively towards that. >> bottom line, house republicans are meeting right now. they've just started a...
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we have a $1.3 trillion deficit for 2012. it will be about a trillion for 2013. we're borrowing 35 cents on the dollar. the enormous problem is interest rates are way below normal, so when they spike, which they inevitably will, and the government is borrowing very short term to keep its costs down, the deficit is going to swamp the economy. and at that point you're going to have the debt crisis, and you're going to need a whole new stream of revenues. the only thing that paul krugman and paul ryan agree on, in a crisis situation, only a value-added tax will solve this problem. by raising marginal tax rates to get us out of this potential crisis. so we need very, very steep spending cuts, all of the emphasis and debate has been over marginal tax rates which are really a minor part of the solution, no matter what political strife you happen to be. you have to realize that tremendous spending cuts are necessary and already the -- any changes to social security have been ruled out in a short-term solution and it's going to be very difficult, congressman from oklahom
we have a $1.3 trillion deficit for 2012. it will be about a trillion for 2013. we're borrowing 35 cents on the dollar. the enormous problem is interest rates are way below normal, so when they spike, which they inevitably will, and the government is borrowing very short term to keep its costs down, the deficit is going to swamp the economy. and at that point you're going to have the debt crisis, and you're going to need a whole new stream of revenues. the only thing that paul krugman and paul...
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the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a patch with less than 36 hours to go. >> and don, this is the problem, something is the going to hurt. we can't get out with no pain, and we have all sorts of things and nobody wants to pay for it, don. >> you two are fired up, too. and the people at home are too, right. >> and 516 days since we knew that the deadline would come. >> and right at the deadline, and they are going home. >> right. and we are not. >> we are not. we will be here until who knows. okay. a stalemate or breakthrough? with hours to go, lawmakers are searching for a compromise. what are the chances of reaching a deal in was
the deficit and the debt and that is happening today to put a patch on not going over the cliff. there has to be new revenues and some entitlement reform, and cpi is the most painless way to do it. and the president offered it in a deal as recently as a week or two ago, and spending cuts, but right now, it is not a grand bargain, because we have the debt ceiling hanging out in two months. this is an attempt to avoid political pain and going over the cliff and we can't get an agreement on a...
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the deficit is going to swamp the economy. and at that point you're going to have the debt crisis, and you're going to need a whole new stream of revenues. the only thing that paul krugman and paul ryan agree on, only a value added tax will solve this problem. by raising marginal tax rates to get us out of this potential crisis. so we need very, very steep spending cuts, all of the emphasis and debate has been over marginal tax rates which are really a minor part of the solution, no matter what political strife you happen to be. have you to realize that tremendous spending cuts are necessary and already -- any changes to social security have been ruled out in a short term solution, and it's going to be very difficult. the congressmen from oklahoma were correct. that it's going to be hand to hand combat in the next session in order to get any kind of cuts. no one is talking about major cuts. >> sean -- >> except some on the republican side. >> i hear what you're saying, it sounds like, you know, i've read that this fiscal cliff
the deficit is going to swamp the economy. and at that point you're going to have the debt crisis, and you're going to need a whole new stream of revenues. the only thing that paul krugman and paul ryan agree on, only a value added tax will solve this problem. by raising marginal tax rates to get us out of this potential crisis. so we need very, very steep spending cuts, all of the emphasis and debate has been over marginal tax rates which are really a minor part of the solution, no matter what...
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that would help the federal government in terms of dealing with the deficit, but nonetheless, it still won't be enough, but it will be a start in that direction. that's the current cutoff, but we don't have that deal yet. absent that deal and as long as the clock keeps ticking, all of this is on the table for all of us. one more thing i should mention, bear in mind this past year, all of us have enjoyed a payroll tax vacation. payroll taxes were reduced across the country to help people deal with this bad economy right now. that's ending. there's no sign that's not going to end. everyone is going to pay a little more anyway. what we're worried about is this extra level on top. that is what many volters are paying attention to and that is the real bear in the woods that has democrats and republicans both worried about these negotiations. >> the clock, as you point out, is ticking, ticking, ticking right now. tom, thank you. >>> what's at stake for the millions of americans already out of a job once the country goes over the fiscal cliff? that and much more when our special coverage cont
that would help the federal government in terms of dealing with the deficit, but nonetheless, it still won't be enough, but it will be a start in that direction. that's the current cutoff, but we don't have that deal yet. absent that deal and as long as the clock keeps ticking, all of this is on the table for all of us. one more thing i should mention, bear in mind this past year, all of us have enjoyed a payroll tax vacation. payroll taxes were reduced across the country to help people deal...
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and the way they agreed to it is they paid down $24 billion on the deficit. remember, congress agreed to these major spending cuts, right? >> that's two months down the road, so even that is kind of a little bit anti-climactic. it is like, my god, the fiscal cliff, the fiscal cliff. we'll deal with it in two months. jessica yellin, so much more to talk to you about. we'll check in later, but thanks so much. >>> as we wait for republicans and democrats to come to the microphones, one democrat just left the meeting, he's going to be joining us next. sten to thesy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. to volunteer to help those in need. when a twinge of back pain surprises him. morning starts in high spirit
and the way they agreed to it is they paid down $24 billion on the deficit. remember, congress agreed to these major spending cuts, right? >> that's two months down the road, so even that is kind of a little bit anti-climactic. it is like, my god, the fiscal cliff, the fiscal cliff. we'll deal with it in two months. jessica yellin, so much more to talk to you about. we'll check in later, but thanks so much. >>> as we wait for republicans and democrats to come to the microphones,...
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a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi, united press international. and the whole thing took off from there, and we take nominations from all over the world. whatever floats to the top gets to our list. >> and is i was going to ask how that happened. people can, what, make suggestions, somehow contact your university and say here's a word i want banished. >> lssubanished. do a search and it will get you right to our page. and there is still time to vote, by the way. the list comes out on monday at 12:01. if we get anymore packed ballot boxes, we'll include those. >> do that right now. a few of the words banished for 2012,
a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi,...
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road and will have to do it later. >> reporter: the fiscal cliff was incentive to try to deal with deficit reduction. this is dismantling the consequence of dealing with the bigger issue. the bigger issue is still going to be with us in the next couple months because now as the debt ceiling is set to hit, this will all come into play. republicans aren't going to budge on increasing the debt ceiling until they get some of the things they want on deficit reduction. they want tax reform. so do democrats want tax reform but they have different ideas about how to do it it. it's kicking the can down the road. there will be a lot more ahead on this. >> brianna keilar breaking it down for us at the white house. thanks for that. >>> eight senators voted against this compromised measure, but the opposition didn't fall along party lines. tom harkin, tom krarner and michael bennett all voted now. so did these five republicans. let's put the politics to the side for a minute and ask the question most of us are wondering. what does this measure mean for you and your wallet? ali velshi is crunch iing the
road and will have to do it later. >> reporter: the fiscal cliff was incentive to try to deal with deficit reduction. this is dismantling the consequence of dealing with the bigger issue. the bigger issue is still going to be with us in the next couple months because now as the debt ceiling is set to hit, this will all come into play. republicans aren't going to budge on increasing the debt ceiling until they get some of the things they want on deficit reduction. they want tax reform. so...
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they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> maria, all the focus on tax cuts. but the revenue from increasing the taxes on the wealthy will barely make a debt in the deficit to say nothing of the trillions in debt we're talking about. is this just a symbolic fight that the president is determined to win off his election? >> it's not symbolic. there will be money raised if the tax cuts for the top 2% are left to expire. but let me just bring up a point. no democrat and certainly not this president has said there should be no spending cuts. on the contrary this president has put on the table quite an extraordinary amount of spending cuts to the cha
they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> maria, all the...
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republicans demand that the government reduce its deficit as a condition for raising the debt ceiling. both democrats and republicans earth tactics that shut down the government and ultimately cost america its aaa credit rating for the first time in history. but in a last-minute compromise, both sides agree to a trillion dollars in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional supercommittee. but a poison pill was attached. if the supercommittee can't reach a deal, automatic across the board cuts known as a sequester would go into effect be at the exact moment when those bush tax cuts extended for two years would expire. so the point is we could have all seen this coming and some of us did. we yelled at the top of our lungs about it but were drowned out by the election. it seems that good governance gets drowned out by continuous elections in america. this time there may be a serious price to pay for it. >> if we go off the fiscal cliff, be will you notice an immediate change to your wallet? we want to get a reality check from stephe
republicans demand that the government reduce its deficit as a condition for raising the debt ceiling. both democrats and republicans earth tactics that shut down the government and ultimately cost america its aaa credit rating for the first time in history. but in a last-minute compromise, both sides agree to a trillion dollars in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional supercommittee. but a poison pill was attached. if the...
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it is not right now a budget deficit problem. in fact, right now the government ought to be spending more in terms of getting people employed and investing in infrastructure and education. >> they are in recess until noon tomorrow. january 1st. then they will come back. we do expect according to dana bash our correspondent there, there will be a vote in the senate on the senate floor some time tonight. looking ahead to tomorrow, what advice do you have for republican house members who will consider -- assuming it passes the senate tonight -- what's your advice for them tomorrow? >> this is the beginning of the game. take the 84% of your winnings off the table. we spent 12 years getting the democrats to seed those tax cuts to the american people. take them off the table. then we go back and argue about making the tax cuts permanent for everyone. and we engage in a four-year, three yards and a cloud of dust fight to cut spending every day using the tools of the debt ceiling power and the fact that they have to come and ask the hous
it is not right now a budget deficit problem. in fact, right now the government ought to be spending more in terms of getting people employed and investing in infrastructure and education. >> they are in recess until noon tomorrow. january 1st. then they will come back. we do expect according to dana bash our correspondent there, there will be a vote in the senate on the senate floor some time tonight. looking ahead to tomorrow, what advice do you have for republican house members who...
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david gregory challenged obama on some points but made $1 trillion in cuts, he also vowed to cut the deficit in half in 2009. that has not happened. >> compared david gregory we saw at the top of the show waving that magazine at wain lapierre. this was a low-key interview. >> meek and weak. i didn't find david gregory, i think he lost his punch over this short-lived vacation. a number of points he didn't press the president hard enough. >> the president gave short answers. >> but there's really no excuse. >> the pomp and the ceremony. on the other hand, and you've had experience covering barack obama going back to chicago, it can be hard to interrupt during an incumbent president during an interview. >> it is. obama had the home court advantage. david had it in that more aggressive interview and now, l i'll say this quickly. way back in the day when obama united states senator and there was a press conference and i asked a question and he was giving it a very long answer, in my view, and i cut him off and, boy, did i get thumped from him for cutting him off. i don't know -- >> he complained
david gregory challenged obama on some points but made $1 trillion in cuts, he also vowed to cut the deficit in half in 2009. that has not happened. >> compared david gregory we saw at the top of the show waving that magazine at wain lapierre. this was a low-key interview. >> meek and weak. i didn't find david gregory, i think he lost his punch over this short-lived vacation. a number of points he didn't press the president hard enough. >> the president gave short answers....
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but 90 million is not that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says you got to start somewhere, especially when washington won't. the partisan fighting has bothered him since? 1992, when he first wrote his congressman, suggesting a formula to put down the debt. the veteran says he is giving back to a country that has given him so much. a sense of duty, that is infectious. his daughter is now collecting cans at work. his grandson drives garcia to friends' houses, just to collect more cans. garcia knows that his monthly money orders won't avert the fiscal cliff. but they say that is not the message garcia is sending to congress. >> in order to really solve the $16 trillion national debt you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american has decided that road has to end. and it might as well be here. kyung lah, cnn, san antonio, texas. >>> back in a moment. it's lots of things. all waking up. connecting to the
but 90 million is not that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says you got to start somewhere, especially when washington won't. the partisan fighting has bothered him since? 1992, when he first wrote his congressman, suggesting a formula to put down the debt. the veteran says he is giving back to a country that has given him so much. a sense of duty, that is...
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unemployment to the 2 million americans looking for a job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal cliff. that meeting lasted for an hour and five minutes. on a story where every second and every maneuver counts, let's get chief to white house correspondent jessica yellin. jessica, the president says he's modestly optimist being but each also presented a backup plan. does the president really think it will come to that? >> at this point, no, they don't, john, because the white house is hopeful that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that possibility. but as forts backup plan, there's no real likelihood that
unemployment to the 2 million americans looking for a job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal...
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they could have had the more popular message about cutting deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts but the revenue from increases the taxes on the wealthy will barely make a dment the deficit to say nothing of the trillions of dollars in debt we are talking about. it is a symbolic fight the president is determined to win off of his re-election. >> it is not symbolic. there will be money raised if the tacks for the top 2% are left to expire. let me bring up a point. no democrat and certainly not this president, has said there should be no spending cuts. on the contrary. this president has put on the table quite an extraordinary amount of spending cuts to the sh grin of many democrats, i m
they could have had the more popular message about cutting deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts...
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maybe there's a chance to get our deficit and debt in line. the downside, we're going to be playing with fire again walking right up by the edge of the cliff. >> the tax rate and how much you tax, that was actually never really a grand bargain kind of discussion. that was oh, guys, you say 3, we say 4, whatever. the real challenge is all of the low hanging fruit for cutting spending is gone. you know, mitt romney talked about big bird and pbs during the debate and people laughed. it wasn't that laughable. it's one of the bigger things left you can cut. you can cut amtrak. there aren't a lot of things that are billions of dollars in the budget you can cut. you need to cut things that hurt, that people care about. >> the deal with the sequester cuts was half out of defense, half out of discretionary spending. that's where entitlement reform stands. there are ways to cut what the president calls accurately bending the long term cost curve. you're not cutting costs in a way that can reduce economic growth immediately, but you reduce the long term
maybe there's a chance to get our deficit and debt in line. the downside, we're going to be playing with fire again walking right up by the edge of the cliff. >> the tax rate and how much you tax, that was actually never really a grand bargain kind of discussion. that was oh, guys, you say 3, we say 4, whatever. the real challenge is all of the low hanging fruit for cutting spending is gone. you know, mitt romney talked about big bird and pbs during the debate and people laughed. it...
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the tax rates in place for incomes of $250,000, letting everybody else's expire to help go towards deficit reduction. but democrats in the talks have been willing to come up and that's another big gulf between the two of them on this issue of tax rates. >> dana bash, thanks for the latest update from capitol hill. let's get you checked in with other storyings trending on cnn.com. the death toll from russia in a plane crash has risen to five. the plane went off a runway at a russian airport. >>> two georgia boys, will soon be headed home after being missing for several days. henry and ben were found in austin, texas. police say their father, daniel cleary failed to return them home after a holiday visit. cleary is now in police custody. and who doesn't know the oakridge boys, the group sang for former president george h.w. bush while he's recovering in hospital. we'll talk to one of the band members. >>> let's do this one for you, you'll remember this one. ♪ amazing grace >> those are the oak ridge boys singing "amazing grace." the gospel turned country crooners brightened up the xli pres
the tax rates in place for incomes of $250,000, letting everybody else's expire to help go towards deficit reduction. but democrats in the talks have been willing to come up and that's another big gulf between the two of them on this issue of tax rates. >> dana bash, thanks for the latest update from capitol hill. let's get you checked in with other storyings trending on cnn.com. the death toll from russia in a plane crash has risen to five. the plane went off a runway at a russian...
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to do everything we can to prevent higher income individuals to pay a little bit more to reduce our deficit, and that's what's been going on for the last six months. that's what the conversation in the election was all about, but here we are. >> can you walk us through this? you said the chain cpi. i was told it was off the table. is it still on the table? >> earlier today i would have said the odds of an agreement was very low because mitch mcconnell, the republican leader, had put that into the talks. that apparently is no longer part of it. >> walk us through this, what's happening right now. are we at 250 or 400? what are we doing with unemployment? what's going on? >> well, again, there's -- no one has agreed to any particular threshold, whether it's 250, whether it's 400. unemployment insurance is something that is the an absolute requirement. the president has said and i totally agree that it's important that folks who are out of work through no fault of their own continue to get help. it's not just good for their families but the whole neighborhood and the local economy. one of the
to do everything we can to prevent higher income individuals to pay a little bit more to reduce our deficit, and that's what's been going on for the last six months. that's what the conversation in the election was all about, but here we are. >> can you walk us through this? you said the chain cpi. i was told it was off the table. is it still on the table? >> earlier today i would have said the odds of an agreement was very low because mitch mcconnell, the republican leader, had put...
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it was to raise awareness about deficit and debt. >> what was awesome about that >> everything. >> roland is right. there was nothing awesome about that. as a matter of fact, roland is right, john. there's nothing right. nothing. >> john's problem is inside, he's a very old man, too. i mean, it proves old people should really -- really old people should never use social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> alan sem son impson is one o great public servants who will say or do whatever it takes to get people's attention on issues that really matter. skip and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight violence against women. >> make the cut. >> senator franken. >> >> who picked the list? >> we all did it "outfront." >>> up next, a rust belt bright spot in 2013. we're going to take you there, next. [ male announcer ] rocky had no idea why dawn was gone for so long... ...but he'd wait for her forever, for any reason, and would always be ther
it was to raise awareness about deficit and debt. >> what was awesome about that >> everything. >> roland is right. there was nothing awesome about that. as a matter of fact, roland is right, john. there's nothing right. nothing. >> john's problem is inside, he's a very old man, too. i mean, it proves old people should really -- really old people should never use social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance?...
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it's deficits that got us into this problem. it's only reducing the deficit that's will get us out of this problem. >> the key there is it's my best belief that they've reached an agreement on revenues, that means on this issue of raising taxes on the wealthiest americans. this is still a fight over tax rates for wealthy americans at this point. not sure what else is on the table. doctors, see a 27% cut on the pay they get for medicare services, that's a problem. amt. there's a whole host of people that are going to get hit if they don't fix this. >> that's tough all around for everybody. the fact he's saying it's somewhat optimistic is surprising to me. i haven't heard that much optimism, but we'll see how it goes. christine, thank you. we appreciate it. the outlook on wall street might be a little gloomy when the opening bell rings later this hour. but investors elsewhere around the world, they're actually holding steady. britain's ftse index and hong kong's hang seng index spent most of the morning down but only slightly. jap
it's deficits that got us into this problem. it's only reducing the deficit that's will get us out of this problem. >> the key there is it's my best belief that they've reached an agreement on revenues, that means on this issue of raising taxes on the wealthiest americans. this is still a fight over tax rates for wealthy americans at this point. not sure what else is on the table. doctors, see a 27% cut on the pay they get for medicare services, that's a problem. amt. there's a whole host...
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it's trying to cut the deficit. >> right, the cuts that everyone is talking about that are in the sequester, those have already been decided and those are in the bank, but as you lk to change current law, the tax cuts expire tomorrow. to replace a bunch of them, to find new revenue and then not continue to cut does not get us out of our hole. so that's the problem. is we're looking at a very small band aid that doesn't get us through the next hurdlhurdle. it keeps us as a fiscal precipice that we've been trying to get out of for 17 months. >> you heard the words used by mitch mcconnell and harry reid, do you see this as a breakdown? or is it just more brinksmanship? >> as you know, even the most distant viewer observer far away from washington would know that these are never resolved before the absolute last-minute. so to get anything resolved today would be surprising. i think people are pushing on both sides of the bargaining table. asking for a little more, a little more. there's going to have to be more budgeting. but it is a good sign as was mentioned before. that the vice president is
it's trying to cut the deficit. >> right, the cuts that everyone is talking about that are in the sequester, those have already been decided and those are in the bank, but as you lk to change current law, the tax cuts expire tomorrow. to replace a bunch of them, to find new revenue and then not continue to cut does not get us out of our hole. so that's the problem. is we're looking at a very small band aid that doesn't get us through the next hurdlhurdle. it keeps us as a fiscal precipice...